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You can find the current article at its original source at https://www.theguardian.com/business/live/2017/jan/27/bts-head-of-europe-leaves-in-wake-of-italian-accounting-scandal-business-live
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| Investors await US growth figures - business live | |
| (35 minutes later) | |
| 12.32pm GMT | |
| 12:32 | |
| Helena Smith | |
| Failure to break the impasse of deadlocked bailout talks at Thursday’s Eurogroup meeting saw the Athens Stock Exchange shed 2.9% today with bank shares plummeting by more than 5%. | |
| The next tranche of emergency funding from Greece’s third €86bn bailout hinges on the conclusion of a review by creditors of Greek progress on reforms. | |
| If the funds are not released, a re-run of the Greek debt crisis looms. Athens has to meet around €10.5bn in debt repayments as of July – money it currently does not have. | |
| Prime minister Alexis Tsipras’ leftist-led government has been keen to wrap up the review so that Greece can join the European Central Bank’s quantitative easing programme – viewed as essential if Greece is to regain access to international capital markets. But to do this Tsipras will have to agree to imposing more austerity once the current aid programme expires in mid 2018. | |
| As eurozone finance ministers met, the International Monetary Fund reiterated its belief that Greek debt is unsustainable, predicting it would become “explosive” after 2030. | |
| In Greece, fears of euro expulsion and fresh elections are growing. Either Tsipras bows to demands at a time when his government’s popularity has nosedived, or he calls early polls ushering in a period of renewed uncertainty for the EU’s weakest member state. | |
| 12.22pm GMT | |
| 12:22 | |
| Greek shares are down today after lack of progress between Greece and its fellow eurozone members at Thursday’s Eurogroup meeting. | |
| Eurogroup President Jeroen Dijsselbloem called on Greece to move faster on reforms so that its creditors’ could return to Athens as soon as possible and resume negotiations about the next tranche of funding. | |
| The Athens stock exchange is down 2.9%, with banking stocks the biggest fallers: | |
| At presser #eurogroup @J_Dijsselbloem: quick finalisation of second review is in everybody's interest #greece | |
| Dijsselbloem: We have encouraged #Greece & institutions to accelerate their work with a view to allow a return of the mission to Athens asap | |
| 11.59am GMT | 11.59am GMT |
| 11:59 | 11:59 |
| Sticking with currencies, the European Central Bank has revealed that it withdrew about €17,000 worth of fake €500 bank notes from circulation in the second half of 2016. | Sticking with currencies, the European Central Bank has revealed that it withdrew about €17,000 worth of fake €500 bank notes from circulation in the second half of 2016. |
| The latest figures from the ECB show that almost 4.9% of the €353,000 withdrawn were €500 notes. | The latest figures from the ECB show that almost 4.9% of the €353,000 withdrawn were €500 notes. |
| The ECB said: | The ECB said: |
| Some 353,000 counterfeit euro banknotes were withdrawn from circulation in the second half of 2016, a slight increase compared with the first half of 2016 and 20.7% fewer than in the second half of 2015. | Some 353,000 counterfeit euro banknotes were withdrawn from circulation in the second half of 2016, a slight increase compared with the first half of 2016 and 20.7% fewer than in the second half of 2015. |
| The number of counterfeits remains very low in comparison with the increasing number of genuine banknotes in circulation (over 19 billion during the second half of 2016). | The number of counterfeits remains very low in comparison with the increasing number of genuine banknotes in circulation (over 19 billion during the second half of 2016). |
| The vast majority of counterfeits were €20 and €50 notes, accounting for 80%. | The vast majority of counterfeits were €20 and €50 notes, accounting for 80%. |
| The ECB has already announced that it will scrap the €500 note over fears that the high denomination notes are used to finance crime. | The ECB has already announced that it will scrap the €500 note over fears that the high denomination notes are used to finance crime. |
| 11.29am GMT | 11.29am GMT |
| 11:29 | 11:29 |
| The pound has slipped from a five-week high this morning but is still on track for a weekly gain. | The pound has slipped from a five-week high this morning but is still on track for a weekly gain. |
| Investors have been encouraged by better-than-expected growth figures which showed the economy grew by 0.6% in the final quarter of 2016. | Investors have been encouraged by better-than-expected growth figures which showed the economy grew by 0.6% in the final quarter of 2016. |
| The pound is currently down 0.4% against the dollar at $1.2539. | The pound is currently down 0.4% against the dollar at $1.2539. |
| 11.07am GMT | 11.07am GMT |
| 11:07 | 11:07 |
| Personal insolvencies jump in 2016 | Personal insolvencies jump in 2016 |
| The number of individuals to be declared financially bust in 2013 rose 13% in 2016 to 90,930 (from 80,404). | The number of individuals to be declared financially bust in 2013 rose 13% in 2016 to 90,930 (from 80,404). |
| The figures from the government’s Insolvency Service cover England and Wales. | The figures from the government’s Insolvency Service cover England and Wales. |
| It was the first rise in six years. “It is very distressing to live with unsustainable personal debt so it is important for people to seek advice”, said Sarah Albon, chief executive of the service. | It was the first rise in six years. “It is very distressing to live with unsustainable personal debt so it is important for people to seek advice”, said Sarah Albon, chief executive of the service. |
| National Debtline which provides free advice online and over the phone, said the figures point to tougher times ahead for families. | National Debtline which provides free advice online and over the phone, said the figures point to tougher times ahead for families. |
| Joanna Elson, chief executive of the Money Advice Trust which runs National Debtline, said: | Joanna Elson, chief executive of the Money Advice Trust which runs National Debtline, said: |
| While the government is rightly focused on those who are ‘just about managing’, these figures are a reminder that a smaller but growing number of households are not managing at all. | While the government is rightly focused on those who are ‘just about managing’, these figures are a reminder that a smaller but growing number of households are not managing at all. |
| The rise in insolvencies in 2016 points to tougher times ahead for UK households. At National Debtline we are already seeing our busiest January in years, with calls up 17% on last January and a rise of 55% in the number people seeking advice online. | The rise in insolvencies in 2016 points to tougher times ahead for UK households. At National Debtline we are already seeing our busiest January in years, with calls up 17% on last January and a rise of 55% in the number people seeking advice online. |
| With household debt levels growing significantly and inflation now beginning to rise, we expect demand for debt advice to continue to be significantly higher this year than last. | With household debt levels growing significantly and inflation now beginning to rise, we expect demand for debt advice to continue to be significantly higher this year than last. |
| 10.52am GMT | 10.52am GMT |
| 10:52 | 10:52 |
| Not much sympathy for BT from blog readers commenting below the line... but shares are not suffering too much this morning, off 0.5%. | Not much sympathy for BT from blog readers commenting below the line... but shares are not suffering too much this morning, off 0.5%. |
| That said, they did fall off a cliff on Tuesday, down 21% wiping almost £8bn off the value of the company after the extent of the problems in Italy were laid bare. The share price graph tells the story: | That said, they did fall off a cliff on Tuesday, down 21% wiping almost £8bn off the value of the company after the extent of the problems in Italy were laid bare. The share price graph tells the story: |
| 10.35am GMT | 10.35am GMT |
| 10:35 | 10:35 |
| Over in France, households don’t appear to be concerned about uncertainty surrounding elections, Brexit, the future of the eurozone, or anything else. | Over in France, households don’t appear to be concerned about uncertainty surrounding elections, Brexit, the future of the eurozone, or anything else. |
| Consumer confidence hit the a nine-year high in January according to the official statistics agency, Insee. | Consumer confidence hit the a nine-year high in January according to the official statistics agency, Insee. |
| The headline index hit 100 for the first time since November 2007. | The headline index hit 100 for the first time since November 2007. |
| Julien Manceaux, ING senior economist covering France, says the upturn in sentiment and other positive indicators would be encouraging for the next French president. | Julien Manceaux, ING senior economist covering France, says the upturn in sentiment and other positive indicators would be encouraging for the next French president. |
| It is the first time since 2007 that French consumers have been that positive about the future. Consumer confidence has been improving since mid-2014, but it took until recently to see all components improving. | It is the first time since 2007 that French consumers have been that positive about the future. Consumer confidence has been improving since mid-2014, but it took until recently to see all components improving. |
| In January, consumers were particularly optimistic on the future of unemployment and on their purchase intentions, although their current capacity to save remains limited. | In January, consumers were particularly optimistic on the future of unemployment and on their purchase intentions, although their current capacity to save remains limited. |
| All in all, if this is another significant improvement (business confidence rebounded as well and industrial production was remarkably strong in the fourth quarter of 2016), there is still some way to go before to label it a full-speed recovery. | All in all, if this is another significant improvement (business confidence rebounded as well and industrial production was remarkably strong in the fourth quarter of 2016), there is still some way to go before to label it a full-speed recovery. |
| However, these more positive signs have been awaited for a long time. If they are too late to save President Hollande’s legacy, they are a strong starting point for the next French president. | However, these more positive signs have been awaited for a long time. If they are too late to save President Hollande’s legacy, they are a strong starting point for the next French president. |
| 10.03am GMT | 10.03am GMT |
| 10:03 | 10:03 |
| Here is our full story on the latest from BT, including a 37% slump in third-quarter profits. | Here is our full story on the latest from BT, including a 37% slump in third-quarter profits. |
| 9.58am GMT | 9.58am GMT |
| 09:58 | 09:58 |
| Investors are clearly happy about Tesco’s £3.7bn deal with Booker. Tesco shares are now up almost 10%. Booker shares are up 16%. | Investors are clearly happy about Tesco’s £3.7bn deal with Booker. Tesco shares are now up almost 10%. Booker shares are up 16%. |
| Laith Khalaf, senior analyst at Hargreaves Lansdown, says Tesco is taking “a bold new direction”. | Laith Khalaf, senior analyst at Hargreaves Lansdown, says Tesco is taking “a bold new direction”. |
| The deal with Booker shows Tesco is not going to sit on its hands and wait for its dominant market position to slowly leak away to competitors. | The deal with Booker shows Tesco is not going to sit on its hands and wait for its dominant market position to slowly leak away to competitors. |
| The UK’s supermarkets are engaged in new strategies to cope with the brave new world, where the discounters have stolen market share and consumers have turned away from big superstores, preferring instead to do their shopping in convenience stores or on their mobile phones. Sainsbury bought Argos, Morrisons is flirting with Amazon, and now Tesco has revealed its plans to drive further growth. | The UK’s supermarkets are engaged in new strategies to cope with the brave new world, where the discounters have stolen market share and consumers have turned away from big superstores, preferring instead to do their shopping in convenience stores or on their mobile phones. Sainsbury bought Argos, Morrisons is flirting with Amazon, and now Tesco has revealed its plans to drive further growth. |
| Nick Bubb, independent retail analyst, says the deal is likely to come under scrutiny from the competition regulator: | Nick Bubb, independent retail analyst, says the deal is likely to come under scrutiny from the competition regulator: |
| Our instant reaction is that the Competition and Markets Authority will have a field day with this, as although Tesco is mainly a retailer in the UK and Booker a wholesaler, Tesco does own the One Stop convenience store chain that competes with Booker’s interest in symbol groups and convenience store retailing (via Premier and Londis etc), so it is by no means clear that the CMA will allow things to proceed very far without having a good look at the overlap. | Our instant reaction is that the Competition and Markets Authority will have a field day with this, as although Tesco is mainly a retailer in the UK and Booker a wholesaler, Tesco does own the One Stop convenience store chain that competes with Booker’s interest in symbol groups and convenience store retailing (via Premier and Londis etc), so it is by no means clear that the CMA will allow things to proceed very far without having a good look at the overlap. |
| 9.46am GMT | 9.46am GMT |
| 09:46 | 09:46 |
| The mystery behind Richard Cousins’ departure from Tesco has been solved... | The mystery behind Richard Cousins’ departure from Tesco has been solved... |
| Cousins, the chief executive of catering group Compass, quit as senior independent director of Tesco on 3 January just days before the supermarket chain revealed its Christmas trading figures. | Cousins, the chief executive of catering group Compass, quit as senior independent director of Tesco on 3 January just days before the supermarket chain revealed its Christmas trading figures. |
| Dave Lewis, Tesco chief executive confirmed today that Cousins resigned because he didn’t agree with the Booker deal. | Dave Lewis, Tesco chief executive confirmed today that Cousins resigned because he didn’t agree with the Booker deal. |
| Lewis described the discussions as “good governance” and said he respected Cousins’ decision. The rest of the board was behind the deal, he added. | Lewis described the discussions as “good governance” and said he respected Cousins’ decision. The rest of the board was behind the deal, he added. |